Microsoft case appeal filedThe Justice Department and...

BUSINESS DIGEST

March 08, 1995

Microsoft case appeal filed

The Justice Department and Microsoft Corp. asked a U.S. appeals court yesterday to uphold their settlement of charges that Microsoft used illegal practices to become the world's largest computer software firm.

The department filed a 34-page appeal strongly defending the settlement as being in the public interest. Its agreement with Microsoft was shot down last month by a federal judge who said it failed to adequately curb Microsoft's anti-competitive practices.

Department lawyers said in the appeal that U.S. District Judge Stanley Sporkin overstepped his authority by wrongfully conducting "a sweeping judicial investigation of Microsoft."

They asked the appeals court to order Judge Sporkin to accept the settlement.

'Responsible' fund is launched

The Calvert Group, a Bethesda-based "socially responsible" investment firm, yesterday announced the launch of a mutual fund that will be managed by up to seven investment managers around the country, including firms owned by women and minorities. Baltimore-based Brown Capital Management was named one of the first three managers to run the new Calvert Capital Accumulation Fund.

Perry resigns at Intersolv

Intersolv Inc., a Rockville-based software services company, said yesterday that Bob Perry, executive vice president of North American operations, has resigned. Mr. Perry will continue in the post until his resignation takes effect June 1, the company said.

Martin, Lockheed debt upgraded

Lockheed Corp. and Martin Marietta Corp., scheduled to close their $10 billion merger March 15, have been taken off credit watch by Standard & Poor's Rating Group.

S&P raised its rating for Lockheed and Martin Marietta Technologies Inc.'s senior debt to "A+" from "A-" and its commercial paper to "A-1" from "A-2." Martin Marietta Technologies is a unit of Martin Marietta that unconditionally guarantees its debt.

About $3.3 billion of debt is affected. S&P put the companies' debt on credit watch after the August announcement of their plan to combine, creating the nation's largest military contractor.

BellSouth to cut 15,000 jobs

BellSouth Corp., stepping up its cost-cutting drive, said yesterday it expects to slash 15,000 jobs from its payroll by early 1997, almost 50 percent more than its previous job-cut target.

Atlanta-based BellSouth, the nation's largest regional telephone company, had planned to cut 10,200 jobs by the end of 1996.

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